JPMorgan Chase & Co. Increases Biohaven (NYSE:BHVN) Price Target to $68.00

Biohaven (NYSE:BHVN) had its price objective boosted by JPMorgan Chase & Co. from $55.00 to $68.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 42.80% from the stock’s previous close.

Several other equities analysts have also weighed in on BHVN. Morgan Stanley assumed coverage on Biohaven in a research note on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 price objective on the stock. Sanford C. Bernstein raised their target price on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada upped their price target on shares of Biohaven from $59.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Jefferies Financial Group began coverage on shares of Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $59.00 price objective on shares of Biohaven in a report on Tuesday, September 24th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $61.92.

Biohaven Price Performance

NYSE:BHVN traded down $0.37 during trading hours on Thursday, reaching $47.62. 313,166 shares of the company traded hands, compared to its average volume of 1,181,622. The firm’s 50-day moving average is $40.21 and its 200-day moving average is $40.44. Biohaven has a 1-year low of $22.12 and a 1-year high of $62.21. The stock has a market cap of $4.20 billion, a P/E ratio of -6.94 and a beta of 1.30.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, research analysts predict that Biohaven will post -8.92 earnings per share for the current year.

Insider Activity at Biohaven

In related news, Director John W. Childs acquired 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were bought at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director John W. Childs purchased 28,400 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the purchase, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction on Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 54,452 shares of company stock valued at $2,233,948. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

Institutional investors and hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC boosted its holdings in Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock worth $73,832,000 after acquiring an additional 973,227 shares during the last quarter. Vanguard Group Inc. grew its stake in Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after acquiring an additional 4,650,702 shares in the last quarter. CWM LLC boosted its stake in Biohaven by 1,893.4% during the second quarter. CWM LLC now owns 14,552 shares of the company’s stock valued at $505,000 after buying an additional 13,822 shares during the period. Oak Ridge Investments LLC grew its stake in Biohaven by 197.6% in the 2nd quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock worth $764,000 after buying an additional 14,607 shares in the last quarter. Finally, Bellevue Group AG lifted its stake in Biohaven by 7.0% during the first quarter. Bellevue Group AG now owns 1,150,000 shares of the company’s stock worth $62,894,000 after purchasing an additional 75,000 shares during the last quarter. Institutional investors own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.